Smart Contract Encryption via SafeMath and Security Profiles
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Solution Overview
Problem
Current systems face challenges in securing financial transactions in web-only environments, particularly due to security concerns and the need for high-security transaction control and protection, which limits online banking activities and compliance with financial regulatory requirements.
Innovation Solution
A method and computer program product that secure smart contracts in a digital environment by obtaining client information, mapping clients to pre-defined security profiles, selecting encryption keys and codes based on security levels, and executing an encryption script using the SafeMath library to encrypt smart contract contents, ensuring secure transactions over public networks.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If banks and financial institutions limit online activities to maintain security, then security level is improved, but online transaction capability deteriorates
Solution Approach 1:
The system performs preliminary authentication and security verification before allowing online transactions to proceed. Security profiles and encryption methods are pre-configured and applied before the actual financial transaction occurs, ensuring that security measures are in place beforehand rather than limiting access entirely.
Solution Approach 2:
The patent introduces an intermediary authentication system that acts as a mediator between the client and the financial transaction. This intermediary layer verifies credentials, applies encryption, and validates security profiles, allowing secure online transactions without requiring physical branch visits while maintaining high security standards.
2Reliability
If encryption methods are made more complex to enhance security, then security level is improved, but system complexity increases
Solution Approach 1:
The system dynamically changes encryption parameters based on the security profile and transaction type. Different encryption algorithms, key lengths, and security codes are selected according to predefined security levels, allowing strong security without requiring the maximum complexity for all transactions uniformly.
Solution Approach 2:
The encryption method is made dynamic rather than static. The system automatically adjusts encryption strength, selects different cryptographic algorithms, and modifies security parameters based on the authenticated security profile and transaction requirements, optimizing the balance between security and complexity.
3Reliability
If manual security verification is used to ensure transaction safety, then security level is improved, but processing time increases
Solution Approach 1:
The system performs automated security verification and authentication without requiring manual intervention. Clients authenticate themselves through predefined security profiles, and the system automatically applies encryption, validates credentials, and processes transactions, eliminating time-consuming manual security checks while maintaining high transaction safety.
Data Source
AI summary
A method, computer program product, and a system where a processor(s) obtains, via a web interface, from a client, over a public network connection, a request to register for a financial transaction; a smart contract comprises the requested financial transaction. The processor(s) maps the client to a pre-defined security profile based on a security level associated with the security profile. The processor(s) selects, based on the security level, encryption keys from a repository and security codes. The processor(s) executes an encryption script, to automatically encrypt the contents of the smart contract utilizing the encryption keys and the security codes and by embedding SafeMath library codes in the smart contract.